Filinvest profit up 32% to P4.9 B

Filinvest Development Corp. (FDC) saw its net income surge 32 percent to P4.9 billion in the first nine months on the back of robust sales across all its subsidiaries.

Property subsidiary Filinvest Land Inc., (FLI), one of the country’s largest residential and BPO (business process outsourcing) office providers recorded a 12 percent rise in earnings to P3.2 billion from the P2.9 billion in the same period last year.

FLI expects to see further growth not only from real estate project sales but also from the tripling of its gross leasable area (GLA).

“Our year-to-date results serve as confirmation of the successful execution of our targeted investment strategy,” FDC chief executive officer Josephine GotianunYap said.

Meanwhile, Filinvest Group’s banking arm EastWest Bank recorded a healthy growth in core banking revenues, with net interest income up by 23 percent to P9.1 billion due to higher-yielding consumer loans.

Total assets stood at P213.5 billion at end-September, 28 percent higher than the September 2014 period. EasWest Bank ended the third quarter with P1.3 billion in net income.

“We are at the tail end of rapid expansion program, having opened almost 300 branch stores in three years. When these branch stores mature, we expect these investments to improve profitability,” FDC chairman Jonathan Gotianun said.

Furthermore, the group’s hotel operations saw its net profit reach its highest level since starting operations as a result of higher occupancy at its Crimson Hotels in Mactan Cebu and Filinvest City.

By end-2016, FDC expects to complete the construction of its newest resort, the Crimson Boracay.